Berkadia Provides $24M Financing for 270-Unit Houston Community
- Feb 24, 2016
Houston—Berkadia recently announced the $24 million financing for a 270-unit property in Houston. Senior Managing Directors Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office secured the seven-year, floating-rate refinancing loan for the borrower, Community Management LLC.
The loan for the financing of Villas at Cypresswood was originated through Berkadia’s Freddie Mac program and it features an interest only component combined with a 30-year amortization schedule.
Located at 9844 Cypresswood Drive, Villas at Cypresswood features one-, two- and three-bedroom floor plans. Apartment sizes range between 667 and 1458 square feet, and rents start at a little more than $1,000 and range as high as $1,700.
Villas at Cypresswood offers community amenities such as a fitness center, pet-friendly policy, WiFi, business center, resort-style swimming pool with fountains, BBQ areas, emergency maintenance and controlled access gate.
“Our team structured a refinance solution for the client that included Freddie Mac waiving partial prepayment on the existing loan in addition to a sub-3 percent interest rate and flexible prepayment on the new loan,” said Gilfillan in prepared remarks. “As a result, Community Management was able to extend its investment horizon, increase cash flow and retain operational flexibility through future market cycles.”